TIN NGHIA SUCCESSFULLY HELD THE 2024 GENERAL SHAREHOLDERS’ MEETING

On the morning of May 22, 2024, the General Meeting of Shareholders of Tin Nghia Corporation (UPCoM: TID) was successfully conducted online, with many significant agenda items achieving high consensus and approval from attending shareholders.

Present at the Meeting were Mr. Tu Thien Tu – Deputy Chief of the Provincial Party Committee Office, Mr. Le Thanh Thai – Financial Deputy Manager of the Provincial Party Committee Office, along with delegates and shareholders, accounting for nearly 98% of the total valid voting shares.

During the Meeting, shareholders approved several crucial reports and proposals, including the 2023 business results, the 2024 business strategic orientation, and the implementation plan for offering shares to existing shareholders proposed by the Board of Directors. They also endorsed the Supervisory Board’s report on the 2023 operating results and the 2024 plan, the 2023 financial report, profit distribution plans for 2023 and 2024, remuneration, salary, and bonus reports for the Board of Directors and the Supervisory Board in 2023 and plans for 2024; selecting the auditing firm for the 2024 financial report; amending and supplementing the Charter of Tin Nghia Corporation.

As a result, the Meeting approved the 2024 business plan with a revenue target of 10,000 billion VND, equal to the 2023 plan but reflecting a 13% increase compared to the actual results of 2023. Profit after tax amounted to 250 billion VND, representing a 4% decrease compared to 2023.

 Another significant decision made at the Meeting was to halt the implementation of the plan to offer shares to existing shareholders (to mobilize capital for the Ong Keo Industrial Park Project). Following the completion of the project’s legal documents, the Board of Directors will assess the actual situation and capital requirements and report to the Meeting for reconsideration of this plan.

At the Meeting, the Corporation proposed and the shareholders approved a cash dividend of 10% for the year 2023. Entering 2024, the minimum expected dividend target is also set at 10%.

Additionally, during the event, the shareholders’ meeting proceeded to dismiss Mrs. Le Ngoc Dung from her position as a member of the Supervisory Board for the second term (2021-2026) at her personal request. Simultaneously, Mr. Nguyen Quoc Ky was elected to join the Supervisory Board for the second term (2021 – 2026).

At the end, all proposals were approved by the shareholders with high consensus, laying the groundwork for the Company to execute its activities in 2024 and achieve the set objectives and directions.